Tag Archives: Finances

How to cope financially with illness or injury

Bills still need to be paid even if illness or injury keep you out of work. But help is available if you need it.

Dealing with a serious illness or injury is stressful enough without having to consider how to cope financially.

However, making sure you get everything you are entitled to and offsetting bill payments can help relieve some of the stress of an already traumatic circumstance.

Advocates

When you are injured or ill, it’s easy to miss important information, so it’s essential to have someone by your side who can listen, question and ensure your needs are met.

Choose someone you can trust, such as a close relative or friend, who can be your advocate, and help understand instructions from medical professionals as well as organise any medical payments.

Services

The available government services include the Department of Human Services or Centrelink.

In very limited circumstances, you may get early access to your superannuation on compassionate grounds if the illness or injury is catastrophic. You can apply through the Department of Human Services.

You might also like to contact Financial Counselling Australia to talk to someone who can provide free, unbiased information to help with your financial difficulties.

Employment

Ask your employer how much paid sick leave you have, whether you can take unpaid leave, and how long you can have off work. The Fair Work Ombudsman’s sick and carers’ leave information covers your rights at work.

Insurance

Check your insurance policies, including any linked to your superannuation, to see if they provide income support or bill payment help.

Types of insurance include:

  • income protection, which provides an income if you are unable to work
  • health insurance, which can help with medical costs
  • total and permanent disability insurance, which can be included in your superannuation and covers the costs of rehabilitation, bill payments and living costs
  • trauma cover, which covers specified illnesses or injuries.

Reach out

Open up about your circumstances to your debtors and ask for a hardship variation to your bills or a repayment plan that offers paying in instalments.

From setting up these repayment plans to choosing appropriate insurance, a financial adviser may help you take care of your finances while you’re injured or ill, which means you can focus on recovering.

If you’re unsure even where to start, give us a call and we can review your paperwork to see if you’re eligible for any claims.

The Gift of a Story!

If you believe in romance, then Ann-Marie’s story may take your fancy…

From a private airline hostess in Australia to the Amalfi Coast, Ann-Marie’s saga started the way of most fairy tales!  Swept off her feet by a German Count, she said goodbye to Australian shores, moved to Germany and proceeded to deliver luxury cars around Europe for her new father-in-law’s dealership.

A Champagne lifestyle followed as she jet set her way through Europe living it up as part of the Von Douglas Clan, the European branch of the Scottish Black Douglases.  Life was good, the Douglas women didn’t work… and travel to exotic locations was an integral part of the life she now led.

However, it turns out that not all fairy tales end with ‘and they all lived happily ever after…’

Anne-Marie has been kind enough to share her story with me in my book of how she went from the jet set, moved back to Australia to raise her daughters and to living on a much more modest ‘beer sized’ budget today.  She shares the best financial advice she’s ever been given and how to prepare for the unexpected.

And if you want to find out how Annie and I stay connected, I guess you’ll just have to pick up a copy of Financial Secrets Revealed.  I have plenty of stock on hand (just in time for Xmas) or good book stores and online shops all have copies.

 

Book Chapter Teaser! Meet Emma Isaacs!

Just one of the amazing people I’ve interviewed for my new book, Financial Secrets Revealed is the lovely Emma Isaacs, mother extraordinaire and global CEO of the fabulous Business Chicks network.

Amazing Emma shares the stories from her early life that impacted her financial abilities and the role her grandfather played in her financial education.

Her entrepreneurial journey started very early and while her friends were out partying, she was the one working.

Emma discusses her personal financial setbacks candidly along with the best financial advice she’s ever been given and just how she and her husband tackle the family finances.  With five kids and a hectic travel schedule, you’d have to be on top of that!

With a lot of ugly stigma around money, being open and honest with each other works for the Isaacs.

I also love her top financial tip – “it doesn’t matter how much or how little you have, it’s about building a discipline and building your confidence around money and investing.”

If you’d love to learn more about Emma’s financial journey, her favourite form of investment and the advice she’d like her beautiful kids to learn about money, just stay tuned.

Financial Secrets Revealed will be able to be ordered in the coming weeks, and I can’t wait to share Emma’s story and so many more with you!

 

Coming Soon!…

I’m just a little bit excited!

My first book is now at the publisher’s and in editing phase!  What a huge job!  And by November, I should have a hard copy in my hot little hands!  CAN’T HARDLY WAIT!!

Writing a book was always something I’d wanted to do, but wasn’t sure whether a bodice busting romance or business book would manifest itself first… Guess the finance chick won in the end.  I knew what I didn’t want to do was another wanky adviser book on how to do a budget, spread over 30,000 words, so can assure you, that it isn’t that!

I’ve put together a collective wisdom from some amazing men and women in business, in financial services and everyday heroes.  I’ve been incredibly nosy and asked about their life growing up, what lessons they learned from their family around money, the greatest advice they’ve ever been given and what are the best financial tips they’d love to pass on to their nearest and dearest!  I ask about setbacks along the way and how they’ve recovered too.

I can’t wait to share tips over the coming weeks as a bit of a teaser from some of the various people I’ve interviewed, so stay tuned for more…

The end of another Financial Year

It’s hard to believe we’ve just clocked the end of another financial year.  It really doesn’t seem that long ago we just completed our last round of tax returns!  I hope you managed to make the most of your deductions and income.

And it’s been a big year too for what was formerly known as the financial planning industry.  2016 is the year the Government began to view us as a profession… although, you may agree that that still needs a bit of work.

Now is the time where many advisers will have to choose whether or not they will earn the right to continue as planners.  The proper qualifications will be needed and recognised, ongoing training and accountability measures will be put into place, and all are aimed at protecting the consumer.  That’s a win, right?

Building consumer trust has always been the end game and following in it’s wake, better recognition and respect for professional planners.

We’ve also managed to have enshrined the terms Financial Planner and Financial Adviser which will make it easier for the public to find professionals to provide them with advice.  From 1 January, 2019, anyone claiming to be a financial planner without the qualifications to do so, will be breaking the law, so you’re less likely to end up in the wrong hands.  Another win!

So, we’re pretty sure you’ve had a big financial year, and we hope you’re set for an even more cracking year ahead.

It’s time to take a load off and enjoy the weekend.

Happy EOFY everyone!

 

Managing a Financial Windfall

We’ve all got that dream – we’ll have that massive lotto win, Great-Aunty Betty will die and leave us everything… or even that a spectacular tax return or bonus will come our way.

Although they’re aren’t regular occurrences, financial windfalls can come our way now and then… so instead of blowing it all, what’s the bet way to take advantage of a bonus or extra dollars that come our way?

The temptation to splurge can often be overwhelming, but your future self is hardly likely to thank you for replenishing a wardrobe or buying more “stuff” that is likely to end up in a charity bag in a year or two.  So what are some eminently sensible and grown-up ways of making that money work harder?

Here’s a few ways to spend this money that will give you long-term benefits.

  • If you have debt, especially non-deductible debt like credit cards or personal loans, pay them down first, followed closely by long-term debt like your Mortgage
  • If you’re really not sure what to do and everyone is putting their two cents worth in and confusing you ever more, put it in a high interest savings account until you can do some research and be comfortable with your decision
  • Can you put a bit extra in your super?  Retirement might be a long way off, but that means you have the benefit of long term compounding interest in your favour
  • Is there enough for you to start investing?  It may be worth kicking off a portfolio of shares, property or managed funds if there’s enough.
  • Getting financial advice can be of great benefit.  Financial professionals often have access to funds and research that are unavailable to many and they can ensure that you invest in line with your risk profile, not putting ‘all your eggs in one basket.’
  • Have you put off personal protection strategies like income protection, trauma cover or health insurance?  It may be worth investing in looking after yourself
  • Have you considered taking time out and learning new skills?  Maybe it’s time to invest in yourself and do that course.  Who know’s a career change might be just what you need!

And if you’d really like to still blow just a little of it – set a limit – maybe 10 – 20% and knock yourself out.  Have that splurge, but be smart too.

Do something that your future self with thank you for.

 

Get it Together!

There’s so many things that fall into the too hard basket!  Life is busy and there’s so many other priorities!  Just making it through each day and falling into bed at night is a good day’s work for a lot of people.

But, when a tragedy befalls someone near and dear to us, we often see the fallout when people don’t have their sh*t together.  I’m often approached for insurances or to update beneficiaries of a super fund prompted by the life events that happened to ‘someone else.’

So what are the main areas to ‘get on top of’ when it’s time to get your act together?

Here’s my top tips!

  • Make sure your Will is current and reflects your wishes
  • Ensure you have appointed Powers of Attorney – Enduring and Medical
  • Make sure beneficiaries are nominated on Superannuation & Insurance Policies
  • Consolidate those Superannuation funds that you have lying around – or keep them if they have vital insurances
  • Ensure assets are owned correctly and your bank accounts are in order
  • Check over your Insurance Policies – especially Life, TPD, Trauma and Income Protection – are the levels of cover enough?
  • Bring the people who’ll be involved in sorting out your Estate up to date with your wishes
  • Ensure tax returns are up to date and completed annually – personally and for your business entities
  • If you have a partner or family, make them aware of what you’d like to happen
  • Let a couple of different people know where your important documents are stored in the event of the unexpected

Life changes.  Partners can come and go, children grow up and live their own lives, grandchildren arrive and significant people can waltz in and out of our lives.  It may be hassle to work through the list, and yes, some of it may be costly, but if you truly love those you’re leaving behind, one of the best gifts you can leave, is to have your sh*t together.

You really don’t want the crazy ex to benefit from your estate when your gorgeous new partner will be left destitute because you didn’t take the time to update your paperwork!

So, set a date to every year, ensure everything is just how you want it.  It could be on a birthday, an anniversary or at the turn of the calendar or financial year.  Get each area finalised then run an annual check to make sure they still reflect what you’d like to happen when you’re not there to arrange it.

I’ll bet there’s a few people who’ll be very thankful you did.